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Use the following to answer questions 14-15: Sharjah adopted the dollar-value LIFO inventory method on January 1, 2019. In applying the LIFO method, Ramtha uses internal cost indexes and the multiple-pools approach. The following data were available for Inventory for the three years following the adoption of LIFO: Date January 1, 2019 December 31, 2019 December 31, 2020 Inventory at Current Prices $300,000 $345,600 $100,000 Current Price Index 108 100 125 14. What is the cost of the ending inventory at December 31, 2019 under dollar-value LIFO? 15. What is the cost of the ending inventory at December 31, 2020 under dollar-value LIFO?

Use the following to answer questions 14-15: Sharjah adopted the dollar-value LIFO inventory method on January 1, 2019. In applying the LIFO method, Ramtha uses internal cost indexes and the multiple-pools approach. The following data were available for Inventory for the three years following the adoption of LIFO: Date January 1, 2019 December 31, 2019 December 31, 2020 Inventory at Current Prices $300,000 $345,600 $100,000 Current Price Index 108 100 125 14. What is the cost of the ending inventory at December 31, 2019 under dollar-value LIFO? 15. What is the cost of the ending inventory at December 31, 2020 under dollar-value LIFO?

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 12P: Dollar-Value LIFO Kwestel Company adopted the dollar-value LIFO method for inventory valuation at...
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Please question 14 and 15 please Introduction and show work also no plagiarism 

Use the following to answer questions 14-15: Sharjah adopted the dollar-value LIFO inventory method on January 1, 2019. In applying the LIFO method, Ramtha uses internal cost indexes and the multiple-pools approach. The following data were available for Inventory for the three years following the adoption of LIFO: 14. Date January 1, 2019 December 31, 2019 December 31, 2020 Inventory at Current Prices $300,000 $345,600 $100,000 Current Price Index 108 100 125 What is the cost of the ending inventory at December 31, 2019 under dollar-value LIFO? 15. What is the cost of the ending inventory at December 31, 2020 under dollar-value LIFO?
Transcribed Image Text:Use the following to answer questions 14-15: Sharjah adopted the dollar-value LIFO inventory method on January 1, 2019. In applying the LIFO method, Ramtha uses internal cost indexes and the multiple-pools approach. The following data were available for Inventory for the three years following the adoption of LIFO: 14. Date January 1, 2019 December 31, 2019 December 31, 2020 Inventory at Current Prices $300,000 $345,600 $100,000 Current Price Index 108 100 125 What is the cost of the ending inventory at December 31, 2019 under dollar-value LIFO? 15. What is the cost of the ending inventory at December 31, 2020 under dollar-value LIFO?
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